Agility saw EBITDA rise 15.4 per cent to KD 155.2 million in 2016 despite a fall in revenue of 5.3 per cent to KD 1,234 million.
Agility’s Global Integrated Logistics business saw revenues fall by seven per cent to KD 928.4 million. Agility chief executive Tarek Sultan said: “GIL continues to make progress. Profitability is increasing, with EBITDA margins improving from 2.7 per cent in 2015 to 3.5 per cent over the course of 2016.
“Volumes are growing: air freight tonnage grew by 9.8 per cent and TEUs grew by 9.3 per cent, with better margins in both air and ocean. “Our contract logistics business, with more than 20 million square feet of warehousing space across the globe, also grew by 7.4 per cent this year.
“That said, on-going pressure on rates, and a Project Logistics business that is impacted by low oil prices and subsequent delays in capital spending, have challenged the top line.”